31st Mar 2008 13:06
OJSC Polyus Gold31 March 2008 For immediate release Moscow, March 31, 2008 Polyus' P&P reserves exceed 71 m oz after the audit of Chertovo Koryto. OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer,today announced the completion of the exploration programme and internationalreserves audit at the Chertovo Koryto deposit in Irkutsk region. Theinternational audit in accordance with JORC standards was done by MICONInternational Ltd. Chertovo Koryto is located in Bodaibo district of Irkutsk region, 185 km fromthe Bodaibo town. The deposit was discovered in 1962. In 2005-2008 an $8million exploration programme was carried out at the deposit. During that time,28 531 meters of diamond drilling and 7 818 meters of trenches were done, twosemi-industrial technological assays were done and 44 167 samples were taken. According to MICON's report, proved and probable reserves at Chertovo Korytoamount to 43.61 million tonnes of ore at 1.83 g/t, and 79.96 tonnes (2.6 m oz)of gold. Measured and indicated resources amount to 50.49 m tonnes of ore at1.84 g/t, and 92.95 tonnes ( 3 m oz) of the metal. In addition to that, inferredresources amounted to 2.09 million tonnes of ore at 1.64 g/t, and 3.4 tonnes(109 k oz) of the metal. The calculation was based on 0.8 g/t cut-off grade and$625/oz gold price. The scoping study and the reserves calculation for Chertovo Koryto (inaccordance with Russian standards) have already been submitted to the StateReserves Committee (GKZ Rosnedra). Evgueni Ivanov, the General Director of Polyus Gold said that the JORC audit ofChertovo Koryto lead to an increase of the company's total P&P reserves to over71 m oz of gold. "We believed in the high potential of the Chertovo Korytodeposit from the very beginning and we are pleased that the large-scaleexploration campaign was successfully completed in a relatively short period oftime", - Mr. Ivanov noted. - Ends - Polyus Gold is the largest gold producer in Russia. Headquartered in Moscow,Polyus Gold's operating mines and development/exploration projects are locatedin five major gold mining regions of Russia - Krasnoyarsk, Irkutsk, Magadan,Amur regions and the Republic of Sakha (Yakutia). The company produced 1.2 m ozof gold in 2007. For further information please contact For investors: Alexey V. Chernushkin, Director, CM and IR Evguenia V.Buydina, IR manager +7(495) 641-3377 +7(495) 785-4031 [email protected] For press: Victoria V. Vergelskaya, PR Director Elena D. Evstigneeva, Media Relations +7 (495) 641-3365 +7 (495) 544-5496 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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